A substantial number of refugees have arrived in Europe in recent months, many of whom will presumably take up work in the coming years. Under considerably different circumstances, German displaced persons migrated to West Germany following the Second World War and needed to be integrated into the labour market. A new study examines how this integration took place.

The July 2016 edition of the Monthly Report describes how the Bank Lending Survey has evolved since the onset of the financial crisis and analyses approaches to containing sovereign debt crises in the euro area. It also discusses two new minimum prudential standards – total loss-absorbing capacity (TLAC) and the minimum requirement for own funds and eligible liabilities (MREL) – in connection with the resolution and restructuring of banks.